Gazprom Buys Sibneft This Fall

The Russian gas monopoly Gazprom needs more than $10 billion to buy Sibneft, the fifth Russia?s oil producer, owned by a Russian billionaire, Roman Abramovich, Gazprom representative said.

According to him, the financing is likely to be secured over the next few weeks and a deal could be agreed this fall.

Taking control of Sibneft, Gazprom will add an operator with an output of 693,000 barrels a day.